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The Multifamily Firm Sells 11 Unit Apartment Complex in Downtown Sarasota Florida

The Multifamily Firm Sells 11 Unit Apartment Complex in Downtown Sarasota Florida

January 9, 2020


The Multifamily Firm is proud to announce the sale of the 1910 Morrill Villas in Laurel Park Downtown Sarasota, Florida. The 1910 Morrill Villas, located at 1910-1912 Morrill Street, consists of 11 total units, in 3 solid masonry construction buildings, on 2 adjacent parcels totaling approximately 19,882 square feet of land. The property is situated on the south side of Morrill Street, just a short walk from Main Street, Burns Court, and Bayfront Drive in Downtown Sarasota.

The offering was only on the market for a day before going under contract and ultimately closed at $1,750,000, which equates to $159K per unit and $251 per square foot. The transaction marked one of the lowest CAP Rate sales in Sarasota County for a 1960’s apartment complex over the past 12 months, which further demonstrates the extreme high demand for multifamily properties in the Sarasota market. Phil Ginexi & Kyle Keelan from The Multifamily Firm handled the marketing of the asset and ultimately brokered the sale.

Sarasota Multifamily Property Sale Highlights:

  • One of the Lowest CAP Rate Sales Over the Past 12 Months in Sarasota County for a 1960’s Apartment Complex
  • One of the Highest Price Unit & Price Per Square Foot Sales Over the Past 12 Months in Sarasota County for a 1960’s Apartment Complex
  • Multiple Offers Generated and Went Under Contract Within a Week
  • Phenomenal Class A+ Location; just South of Main Street in Laurel Park Downtown Sarasota